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WEEK 4

ISLAMIC ETHICAL AXIOMS


AFS 3103
ETHICS IN ISLAMIC FINANCE
AXIOMS OF ISLAMIC ETHICAL
PHILOSOPHY

The axioms are the fundamental values


used to guide the daily activities of a Muslim.

The values in the Islamic ethical axioms are


similar to universal values except that it is
established based on the belief of and
accountability to Allah.
UNITY

Refers to the belief in one and the only Allah


(Oneness of Allah).

This axiom is the most essential doctrine in


Islam.

Adherence to the concept of unity and


submissiveness to Allah will influence morality
of a person.
EFFECTS OF UNITY ON THE MUSLIM

By believing that everything in the world


belongs to Allah, a Muslim will treat
everyone equally without prejudiced.

By believing that Allah is the Most Powerful,


a Muslim will not give up of Allah’s help.

By believing that nothing happen without


the knowledge of Allah, a Muslim will
perform good deed and avoid from doing
bad things.
EQUILIBRIUM

Refers to the concept of balance or justice in all


aspects of human’s life to keep the harmony in
the universe.

In order to achieve equilibrium between the


wealthy and the needy, voluntary giving is highly
encouraged in Islam while spending lavishly is
condemned by Allah.

Islam criticizes both who are too stingy to spend


his wealth and those who are too extravagant in
his spending. Thus, the spending of a Muslim must
be balance between the two extremes.
FREE WILL

Refers to the ability of a person to make


judgements and decide his own action
without coercion from others.

However, the freedom must be exercised


with intellect and within the bounds of the
Shariah.

When entering into a contract, it is the free


will of a man to either honour the contract or
break it. However, a good Muslim will fulfil his
promises in a contract.
RESPONSIBILITY

Refer to the state of a man being


accountable for his own actions.

A person is responsible for his actions, unless


he:
(i) has not reached the age of puberty;
(ii) in insane; and
(iii) is under unconscious mind.
CONT.

Accountability in Islamic perspectives is


related to the obligation to perform the
commands of Allah and to avoid His
prohibition.

A Muslim businessman who act unethically


due to business pressure or unethical business
environment cannot put the blame on others
for his actions.
BENEVOLENCE

Refer to the act or kindness, which can be


defined as behaviours that bring benefits to
other individuals.

One should do it voluntarily and without


expecting any return except to attain the
pleasure of Allah.
SIX KINDS OF BENEVOLENCE
ACCORDING TO IMAM AL-GHAZALI

“If a person needs a thing, one should give it to him,


making it as little profit as possible. If the giver forgoes
the profit, it will be better for him.”

“If a man purchases anything from a person, it will be


more graceful on his part to suffer a little loss by paying
him more than what he considers to be the proper
price.”

“In realizing one’s due and loans, one must act


benevolently by giving the debtors more time to pay
than is due and, if necessary, one should make
reductions in loans to provide relief to the debtors.”
CONT.

“It is only proper that people who want to return


the goods they have purchase should be
permitted to do as a matter of benevolence.”

“It is a graceful act on the part of a debtor if he


pays his debts without being asked to do so, if
possible long before they are due.”

“When selling things on credit, one should be


generous enough, not to press for payment when
people are not able to pay the stipulated terms.”